Union Properties unveils projects worth US $3 billion

Designs are finalised and construction is scheduled for completion by 2008

United Arab Emirates- based Union Properties has unveiled four new projects that will require an estimated investment of US $3 billion (more than AED11 billion). All the projects are based in Dubai and are to be completed in various stages by the end of 2008, according to Simon Azzam, chief executive officer of Union Properties. The 99-year lease projects will bring out a raft of new contracts in Dubai’s already stretched market. At the top of Union Properties’ things-to-do list is the construction of Motorcity at a cost of almost US $2 billion. The community will spring up around Union Properties’ Autodrome located in the Dubailand area. As the name suggests, Motorcity will be a business park for the motor and motor-related sector. It will sprawl across some 3 million m2 and will have several mixed-use developments. It will also include a 50-hectare FerrariWorld theme park with a museum, interactive displays, a clubhouse, restaurants and retail areas. Burt Hill of the US has designed the Motorcity, said Azzam, adding that it will take around three years to build. The second major new project from Union Properties is its ‘One Central Park’, an 80-storey skyscraper that will seek to dominate the skies above the Dubai International Financial Centre. The building has been designed by Foster and Partners and will cost around AED1.8 billion to build. It has a footprint of around 21 520 m2; it will take around three years to build and will be ready in the third quarter of 2008. The building will have residential, retail and office space. “The entrance will be imposing, being some five storeys-high,” Azzam said. The third major new offering from Union Properties is the upmarket Park Lane Apartments. Set on 24 750 m2 in the Dubai International Financial Centre area, the project has been designed by Gensler and will cost some AED1.5 billion to build. “We hope to start piling works by March this year, and full construction by August,” Azzam told CW, adding that main contractors for the new projects have not yet been finalised. The final new project is Uptown Mirdiff, which is being built on 23 hectares of land at a cost of AED700 million. The supermarket is already open and the remaining development of villas, apartments, shopping centres and a primary school is expected to open in the third quarter of 2005. The community has been designed by Khatib Alami and its main contractor is Al Hamed Construction Company, Azzam revealed. The Union Properties’ CEO said the developer has also launched the extension Green Community West. “The fact that the number of visitors increases every year, tells us there is still room for a great deal of growth. To satisfy the demand, there needs to be many more projects. Ten years from now, the skyline will be completely transformed. Where you find desert now, there will be projects of all types, be it residential, commercial or entertainment, ” said Azzam.